- Bill George is a senior fellow at Harvard Business School and former CEO of Medtronic.
- He claims that as long as Mark Zuckerberg is in charge, Meta will fail.
- According to George, Zuckerberg is a glory-seeker who values fame and money above all else.
According to a Harvard professor, Mark Zuckerberg’s terrible management abilities are dragging Meta toward failure.
According to Bill George, senior fellow at Harvard Business School and former CEO of medical technology company Medtronic, Zuckerberg’s failures as CEO are “continue to derail” the software juggernaut once known as Facebook.
According to George, who works for an international news outlet, “I don’t think Facebook is going to do well as long as he’s there.”
“He’s probably a factor in why so many people are avoiding the business. He’s really wandering aimlessly.”
George has studied leadership failures in the workplace for the past 20 years, and he recently published a new book titled “True North: Leading Authentically in Today’s Workplace, Emerging Leader Edition” that contains his findings.
In essence, George claims that those in charge who lose sight of their most cherished ideals, principles, and role as a leader—especially when doing so for the sake of gain, notoriety, or power—are condemned to failure.
And he claims that after studying prominent company failures for decades, Zuckerberg and Meta of today bear significant similarities.
A request for comment from the publication was not immediately answered by Zuckerberg or Meta.
The CEO of Meta is primarily to blame for his company’s rapid development up to this point.
He turned the 2004 startup he co-founded into a tech behemoth with a $450.46 billion market cap as of Monday morning.
By doing so, he contributed to the development of the current social media industry, a feat he is now aiming to duplicate by relocating his business to the metaverse.
“I have complete faith in Mark Zuckerberg, even though I know that this is probably out of style. I believe Zuckerberg will be able to pull it off.”
Cramer referred to the metaverse as having a history of recovering from stock declines, scandals, and controversies.
“Some people are worth betting on. And if you think back to that awful summer breakdown in 2018… Nobody anticipated these people would return.”
However, George claims that as long as Zuckerberg is in charge, Meta will fail. This is why:
A justifier who assigns blame
In his work, George examines five different sorts of evil bosses. According to George, Zuckerberg fits into not just one but three of those groups.
First, George claims that Zuckerberg is a rationalizer, the kind of manager that refuses to own up to or learn from their errors. Instead, they assign blame to others in order to justify errors.
In February, Meta had the largest single-day decline of any American stock in history, losing more than $232 billion from its market value.
The outcomes were attributed to a number of causes by Zuckerberg and his team, including Apple’s privacy changes in 2021, which have made it more difficult to target advertisements to smartphone consumers, as well as growing competition from rivals like TikTok.
Both of those characteristics plus the significant amount of money spent on metaverse research and development are likely to have had an impact.
More than $10 billion in losses were recorded by Meta’s virtual reality sector in 2021 alone, and $2.8 billion for the entire second quarter of 2022.
Although Zuckerberg did state at a shareholder meeting in May that he anticipates his company will lose “significant” sums of money over the following three to five years as it invests in metaverse technologies, George claims that Zuckerberg has yet to publicly acknowledge or accept responsibility for it.
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